Word: bankes
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Dates: during 1920-1929
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Died. Don Miguel S. Macedo, 73, of Mexico City, president of the Mexican Bar Association, vice president of National Bank of Mexico, president of Mexico's National Banking Commission; in Mexico City...
...Florida last fortnight 25 banks failed. Causes: 1) Halterophora capitata; 2) aftermath of punctured land-booms; 3) gossip. Relative importance of these causes was difficult to determine. It appeared, however, that banks heavily laden with uncollectable land-boom notes found their debtors further handicapped by activities of Halterophora capitata. Exaggeration of conditions then produced disastrous bank runs. Deposits in the closed banks totaled more than...
Land Boom. The land boom aftermath consists in the principal of notes, made in boom times, falling due and not being paid. Frozen assets in the shape of uncollectable paper have put many a Florida bank in a tight position...
Gossip. So soon as one or two banks closed their doors, came rumors that the whole banking structure of the State was on the point of collapse. Many a nervous depositor rushed to his bank, clamored for his money, brought on the very disaster that he feared. The bank failure climax came last week when Citizen's Bank & Trust Co. of Tampa closed its doors and carried down with it nine subsidiary banks. Between fruit flies, bad notes and wild rumors, a wholesale panic appeared imminent...
Remedy. Quick, decisive action came from the Federal Reserve System, from C. Breed Taylor, deputy governor of the Federal Reserve Bank of Atlanta. Out of storm-clouded skies over Tampa dropped an airplane from Atlanta carrying one million dollars in cash. Nervous Tampa depositors, entering their banks, saw in tellers' cages great stacks of crisp, green, reassuring bills. Soon, by rail and motor, arrived an additional $4,000,000. "The banks," said Federal Reservist Taylor, "will have all the money they need...